Being a Lawyer and Getting RE License

8 Replies

So I just graduated law school and am studying for the Pennsylvania Bar. After I pass the bar and am admitted I will be a lawyer. I plan to invest in real estate while practicing. My question is whether it would be worth it to sit for the RE exam in order to gain access to the MLS. Is this worth my time? I heard that since I went to law school I do not have to take classes in order to sit for the exam.

What do you guys think?

Andrew, that actually come up in conversation with one of my RE lawyers today.  She is out of Peters Twp and her and her hubby are both lawyers and they are both agents. 

She told me that she didnt study for the test, she just took it.  Her husband went the other way, we was an agent before he went to law school 

IT works pretty well for them. The have access to the MLS and they can do all of the legal paperwork when they buy or sell.

That being said, I have 13 RE lawyers that I use from time to time and they are the only ones who are agents.

To your success

Josh

In Ohio there are four classes.

  • Principles & practices
  • Law
  • Appraisal
  • Finance

Attorney's don't have to take law but still need the others. I imagine PA is similar to that.

Originally posted by @Josh Caldwell :

Andrew, that actually come up in conversation with one of my RE lawyers today.  She is out of Peters Twp and her and her hubby are both lawyers and they are both agents. 

She told me that she didnt study for the test, she just took it.  Her husband went the other way, we was an agent before he went to law school 

IT works pretty well for them. The have access to the MLS and they can do all of the legal paperwork when they buy or sell.

That being said, I have 13 RE lawyers that I use from time to time and they are the only ones who are agents.

To your success

Josh

Josh thank you for your input. Do any of your other RE lawyers actively invest? I am not interested in practicing real estate law. I actually will be a commercial litigator. So I would not know the first thing about doing the legal paperwork for a closing. I intend to outsource this work. Or maybe become competent in that area in the distant future. But do you think there is value in being able to access the MLS? I believe that I could pass the exam fairly easily with some self-study. I was just wondering whether I would be wasting my time doing so.

Thanks!

Andrew,

Off the top of my head, 4 of them invest. 3 of those 4 are also agents, but I think that is just for easy access to the MLS. That being said, any agent worth a darn will set you up on an email based MLS feed that will give you pretty much any set of listings you are interested in. That is why I never felt the need to take the agent test I track expired listings in my farm area and I direct mail them. Every day or so I get an email with the newest expired listings.

I hope that helps

Josh

PS, because it is a hot topic with my REIA club is syndication. We are putting together deals in town right now. If you learn how to do that, you could become a deal hub for your peers moving forward. Just an idea for you to ponder.

Andrew Lacy I have a colleague who is both an attorney and broker in Philadelphia. If you're interested in an introduction, send me a message and I'll connect you.

Andrew-  I went to law school and practiced law for several years before I started investing. I learned what I needed to early on from other investors and agents who specialized in working with investors. They helped me understand how to analyze a deal for true net cash flow, financing and the like.

As my real investing career took off, I did get my RE license and found it to be extremely helpful. After practicing law for 11 years, my real estate investing had become so lucrative that I gave up my law license. I knew I wasn't going back to work as a lawyer and the law license CE on top of the real estate CE was just too much time in a classroom for me! 

I think it can be a very nice complement to your law license, especially if your law practice might focus on real estate. It would be a great entree to networking with agents that might help you built a RE closing practice.

Thank you for everyone who replied. And provided insight! The thought of studying for another test seems daunting right now, but it may be something that I will look into once I start practice this fall. I really appreciate all the help provided. 

This post has been removed.

Get the Ultimate Beginner's Guide

Sign up today to receive the popular eBook for free!